WASHINGTON – Manufacturers in New York grew at a faster pace in November and their expectations for future growth rose to the highest level in nearly three years.
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The Federal Reserve Bank of New York says its Empire State Manufacturing index rose to 10.2 in November from 6.2 the previous month. It reached a five-year high of 27.5 in September. Any figure above zero indicates growth.
A measure of new orders increased to 9.1 after slipping into negative territory in October. A gauge of shipments also rose.
Looking ahead, an index measuring expectations for business conditions in six months rose to its highest level since January 2012.